UNIT 3 INTERESTS IN REAL ESTATE Flashcards
CONDEMNATION
The act of taking property for public use.
CC&R’s
Private agreements that run with the land.
Covenants, conditions, and restrictions.
DEED RESTRICTIONS
Clauses in a deed limiting the future use of a property.
EASEMENT
The right to use the land of another for a specific purpose.
EASEMENT APPURTENANT
Easement that is annexed to the property and runs with the land.
EASEMENT BY NECESSITY
Easements allowed by law to allow for ingress and egress of a property.
EASEMENT BY PRESCRIPTION
Acquired by open notorious, continuous, hostile and adverse use of property for a period prescribed by law.
EASEMENT IN GROSS
An individual or company interest in or right to use someone else’s land.
EMINENT DOMAIN
The government’s right to acquire private property for public use.
ENCROACHMENT
A building or some portion of it that extends beyond the land of the owner.
ENCUMBRANCE
Anything that may diminish the value or use and enjoyment of the property.
ESCHEAT
The passing of the property to the state due to lack of heirs.
ESTATE IN LAND
Interest in a property.
FEE SIMPLE
The highest interest in real estate recognized by law.
FEE SIMPLE ABSOLUTE
The highest possible ownership of real property.
FEE SIMPLE DETERMINABLE
Fee simple qualified by a special limitation. The original owner carries the right of reverter.
FEE SIMPLE SUBJECT TO
An estate carrying a limitation where the original owner carries a right of reentry.
FREEHOLD ESTATE
Ownership for an indeterminate length of time.
FUTURE INTEREST
Such as reversion or right of reentry.
HOMESTEAD
Value of family home protected from creditors.
INVERSE CONDEMNATION
Compensation for diminished use and value of land due to adjacent property’s public use.
LEGAL LIFE ESTATE
Life Estate established by state law.
LICENSE
Revocable permission for temporary use of land.
LIEN
The legal claim of one person upon the property of another person to secure the payment of a debt.
LIFE ESTATE
Interest limited to the duration of a lifetime.
POLICE POWER
Right of government to enact laws for the health, safety, and welfare of the public.
PUR AUTRE VIE
For the life of another.
REMAINDER INTEREST
Life estate to one party and the remainder to another.
REVISIONARY INTEREST
The remnant of an estate that the grantor holds after granting a life estate to another.
TAKING
Process of land being taken for public use.
TAXATION
How government body raises money.
